Eni he signed a agreement with Energy Infrastructure Partners (EIP)a Swiss fund specializing in megatrends in the energy industry, for the increase in the fund’s participation in Plenitude, to be achieved through a recapitalization operation of the subsidiary active in the electricity production and distribution sector.
The operation
EIP will subscribe to a reserved capital increase worth approximately 209 million eurosbringing the overall investment in Plenitude to approx 800 milliontaking into account the 588 million paid last March. EIP’s participation, post-transaction, will reach 10% of the capital Plenitude social network.
Plenitude is worth 10 billion
The operation recognizes a equity value of Plenitude, post money, of approx 8 billion and a enterprise value beyond 10 billion. The agreement therefore confirms the effectiveness of Plenitude and its distinctive integrated business model strengthens the financial structureproviding additional resources to its growth strategy while ensuring Eni’s consolidation and control of the company.
Plenitude, a company 100% controlled by Eni, is present in over 15 countries with a business model that integrates the production of electricity from over 3 GW of renewable sources, the sale of energy and energy solutions to 10 million customers and a large network of 21,000 charging points for electric vehicles.
By 2027, the Company has the goal of exceeding 11 million customers and to reach 8 GW of renewable capacity and 40,000 charging points installed in Italy and abroad.
Eni’s “satellite” strategy
The agreement represents a significant stage in the implementation of the satellite model of Eni, which aims to create the conditions for a independent business growth with high potential, guaranteeing access to new pools of strategic capital and providing evidence of their actual market value.
“This agreement highlights the innovative nature of the business model and the significant growth prospects of Plenitude, a pillar of our energy transition strategy with the reduction of emissions linked to the consumption of our products,” he explained Francesco GatteiChief Transition & Financial Officer of Eni.
